Business conglomerate Shapoorji Pallonji’s housing platform Joyville will develop a new housing project in Pune worth ₹750 crore.
The company will develop around 1,350 housing units, including duplexes and penthouses, in this new nine-acre project with an estimated sales revenue of over ₹1,000 crore.
“We have acquired about 9-acre land near Hadapsar in Pune to develop a new project,” Joyville Shapoorji Housing Managing Director Sriram Mahadevan told.
He also informed that the total development potential of this project is around 13 lakh square feet. The first phase comprises the ‘Sky-Luxe Edition’ of duplexes and penthouses.
The towers will have 168 duplexes and penthouses with carpet areas of 1,220 to 1,326 square feet. The cost of duplexes will be ₹1.45 crore onwards. The company will develop this entire project in phases over the next 5-6 years, as per reports.
Mahadevan said, “In the first phase, we are launching two towers comprising 168 duplexes and penthouses. We did a survey that suggested that there is a great demand for this type of product as people want to upgrade their lives.”
“We are expecting sales revenue of more than ₹1,000 crore from the entire project,” he added.
Joyville Shapoorji Housing is a USD 200 million platform set up by Shapoorji Pallonji, ADB, IFC and Actis to develop housing projects.
“We are happy to add this project to our growing portfolio and strengthen our presence in the Pune market,” Mahadevan said, adding that rapid infrastructure development has increased residential demand in Hadapsar.
He further highlighted that this is the seventh project of Joyville platform and fourth in Pune. It has launched one project each in Howrah (Kolkata), Mumbai and Gurugram.
According to property consultants, housing demand bounced back strongly in 2022 to beat sales achieved in 2019, pre-Covid level. The consolidation of demand and new supply towards credible players has accelerated.
Almost all large listed players are reporting sharp growth in sales bookings in every quarter post second wave of the pandemic, despite increase in interest rates on home loans by around 2 percentage points since May 2022.